Tax insights

The Victorian Budget for 2022/23 has been handed down. The key points include: One new, targeted, revenue measure announced

In our April 2022 edition of Tax Insights, we look at family trust arrangements, the ATO's guidance following LIBOR abolition, and luxury car tax. 

In this five part series, Belinda Crowley (Corporate Tax, Brisbane) will be taking us through important tax topics and their potential impacts on your business.

The Small Business Hardship Grant, announced by the Western Australian Government is designed to relieve some of the financial difficulties businesses are facing as a result of recent COVID-19 mandates.

Luxury Car Tax was introduced in 2001 by the Howard Government as a measure to protect the local car manufacturing industry from foreign imports after the introduction of the GST.  Luxury vehicles were previously taxed at higher rates under the Wholesale Sales Tax and under the introduction of GST, the Wholesale Sale Tax was removed, and a new taxation method was introduced.

Last month, the ATO issued guidance designed to assist businesses to understand the common tax implications to consider where changes are made to existing financial arrangements due to the IBOR reform, which most notably has resulted in the repeal of London Interbank Offered Rate ('LIBOR'). 

The Federal Treasurer Josh Frydenberg has announced the government will provide small and medium-sized enterprises (SMEs) with red tape and cash flow relief in the form of reduced Pay As You Go Income Tax (PAYGI) instalments, facilitating pre-filling of payroll tax returns through data sharing, and providing online systems for eligible businesses to lodge taxable payment reports. However will this finally see cash flow relief for SMEs or is it just kicking the can down the road?

We have compiled a list of 5 reasons why you shouldn't avoid tax planning for your building and trade business. With the current building boom and changes to the asset write off rules, it is more important than ever to plan ahead (and early) for your taxes.

Family trust arrangements - the Commissioner's new approach – is this the end of discretionary trusts as a tax-effective structure for family wealth creation and intergenerational asset transfer

The Federal Government has recently published a Bill which introduces the proposed Australian Patent Box Regime announced in the 2021 Federal Budget.

Over the course of another dynamic year, we have seen a number of developments related to the Research and Development Tax Incentive (R&DTI) including the commencement of the new R&D Tax offset rates from 1 July 2021 and the finalisation of the Temporary Full Expensing measures.

Around 60% of Australians invest in property – many with the goal of developing the property to make a profit. Due to the costs involved, it’s common for multiple parties to combine resources for a development project.

The ATO has finalised the guidance on Temporary Full Expensing ('TFE') for eligible businesses by issuing Law Companion Ruling LCR 2021/3 on 22 December 2021.

Prime Minister Scott Morrison has told the media in recent days that rapid antigen tests (RATs) for COVID-19 are 'tax deductible'.